Sares Regis Multifamily Funds acquires its first investment in Fund IV, Arboretum at South Mountain in Phoenix, Arizona.
Sares Regis Multifamily Value-Add Fund IV, L.P. (“SRMF VA-IV”) announces the acquisition of Arboretum at South Mountain (“Arboretum”) on December 21, 2021. Built-in 1999, this 312-unit apartment community consists of thirteen 3-story buildings comprised of one-bedroom, two-bedroom, and three-bedroom floorplans across a selection of 7 different floorplans. Unit interiors include laminate countertops, stainless steel appliances in select apartments, and vinyl plank flooring in the common areas. All units have washers and dryers. Community amenities include a pool, spa, an outdoor lounge area, a volleyball court, fitness center, business center, and resident lounge.
Located in the Ahwatukee Foothills, bordered by South Mountain Park and the Gila Indian Reservation, the unique location provides a natural barrier to entry due to limited land availability. In addition, this area offers strong demographics and access to major employment centers, making it an attractive lifestyle option within this high-status community.
Sares Regis Multifamily Funds had previously invested in three other properties in the Ahwatukee Foothills submarket: Allegro at Foothills, Sedona Ridge, and Mountain Park. Both Allegro at Foothills and Sedona Ridge were sold above-target returns in the past 18 months, while Mountain Park is under renovation.